Vale withdraws funds from revolvers

Vale withdraws funds from revolvers

Loans Corporate & Sovereign Strategy Debt Brazil Coronavirus

Brazilian mining company Vale said on Tuesday that it decided to withdraw $5 billion from two revolving credit facilities to add to its cash holdings as business slows in the wake of the coronavirus outbreak. Vale "assessed the increased risks presented to the business by the COVID-19 pandemic and concluded that it would be prudent to take advantage of its strong balance sheet to navigate through the next few months with increased cash reserves," it said in a securities filing. The company took

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